Hi I am new to this site and I really need some help on a couple of homework ?'s 1. Green mountain company, publishes a monthly magazine featuring local resturaunt reviews. Subscribers pay for the subscriptions either one year or two years in advance. Cash recieved from subscribers is credited to an account called magazine subscriptions recieved in advance. On Dec. 31, 2003, the end of the fiscal year. The balance of the account was 1,000,000. Expiration of subscribtions revenue is as follows, During 2003 200,000, During 2004 500,000, During 2005, 300,000. Prepare the adjusted entry in journal form for December 31,2003. If anyone could help me that would be great thank you so much

CaptainForest

Of that 1,000,000, we are told that $200,000 has been earned in 2003.

Therefore,
Dr. magazine subscriptions recieved in advance 200,000
Cr. Revenue 200,000